The annual salary statistics of postsecondary economics teachers in Richmond, Virginia is shown in Table 1. The wage statistics of postsecondary economics teachers in Richmond is based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile Bracket | Average Annual Salary |
|---|---|
| 10th Percentile Wage | $51,260 |
| 25th Percentile Wage | $77,580 |
| 50th Percentile Wage | $106,840 |
| 75th Percentile Wage | $180,680 |
| 90th Percentile Wage | $184,830 |
Table 1 shows the average annual salary for postsecondary economics teachers in Richmond, Virginia in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $184,830. The median (50th percentile) annual salary is $106,840. The average annual salary for the bottom 10 percent earners is $51,260.
The table and chart below show the trend of the median salary of postsecondary economics teachers from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $106,840 | 1.49% | 2.27% |
| 2021 | $105,250 | -12.19% | - |
| 2020 | $118,080 | 5.25% | - |
| 2019 | $111,880 | 2.12% | - |
| 2018 | $109,510 | 1.31% | - |
| 2016 | $108,080 | 3.65% | - |
| 2014 | $104,130 | -6.49% | - |
| 2013 | $110,890 | 5.83% | - |
| 2012 | $104,420 | - | - |
From Table 3 we note that with a median annual salary of $106,840, Richmond is the second highest paying city for postsecondary economics teachers in state of Virginia, following the highest paying city Northwestern Virginia nonmetropolitan area (median annual salary of $110,460). Compared with Northwestern Virginia nonmetropolitan area, the median annual salary of postsecondary economics teachers in Richmond is 3.3 percent (3.3%) lower.
| Cities/Areas | Median Annual Salary |
|---|---|
| Northwestern Virginia nonmetropolitan area | |
| Richmond | |
| Blacksburg-Christiansburg-Radford | |
| Virginia Beach-Norfolk-Newport News | |
| Lynchburg |